China’s MedTech market, the world’s second largest, faces pressure from healthcare reforms such as Volume-Based Procurement (VBP) and DRG payments, which cut costs but raise concerns over quality and R&D investment. Innovation is accelerating, with 65 medical devices gaining special approval in 2024 and reimbursement expanding for advanced technologies. Private healthcare and commercial insurance are growing, though still limited. Multinationals must adapt by localizing supply chains, investing in digital and clinical innovation, and forming partnerships. Success requires balancing cost control with quality to thrive in China’s evolving dual-track healthcare system.

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